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Fly News Breaks for December 19, 2019
EXP
Dec 19, 2019 | 08:14 EDT
Loop Capital analyst Garik Shmois initiated coverage of Eagle Materials with a Hold rating and $99 price target. The analyst notes that the 2020 catalysts for the company include a moderate recovery in wallboard demand amid a stronger housing recovery and easier cost comps for cement after resolved logistical bottlenecks. However, Shmois also sees Eagle Materials shares in a "holding pattern" pending the split of the company into wallboard and cement units, which is expected to complete in mid-2020. The analyst further notes that the stock's historical valuation average implies a fair value in mid $90s.
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